Tata Power Solar Systems, one of India's leading solar EPC companies, a subsidiary of Tata Power Renewable Energy, received the Letter of Award (LoA) of Rs 596 crore for setting up a 125 megawatt peak (MWp) floating solar project from NHDC.
NHDC, had invited bids early this year for this project at the Omkareshwar reservoir in the Khandwa district of Madhya Pradesh. It will be one of the India's largest floating solar power projects, the company said.
Tata Power holds 93.94% stake in Tata Power Renewable Energy. NHDC is a joint venture of NHPC and Government of Madhya Pradesh.
The company said that the LoA was awarded through tariff-based competitive bidding. The project will be commissioned within 13 months from the date of letter of award and will provide sustainable power to M.P. Power Management Company, it added
Speaking on the win, Ashish Khanna, CEO, Tata Power Renewable Energy said, "This is a significant project for Tata Power Solar and we are honoured to collaborate with NHDC. This partnership will highlight our working and project execution diversity to promote green energy across sectors. Floating solar projects are the game changer for the renewable industry. This project is a true reflection of our ability to pioneer world-class solar projects within a short period of time."
"Tata Power Solar Systems has always been at the forefront, when it comes to the implementation and commissioning of such large-scale solar and renewable projects. With this win, the company's total utility-scale solar project portfolio touches 9.8 gigawatts peak (GWp). As on date, TPSSL's total order book stood at Rs 14,908 crore," the company said in the press release.
Tata Power is one of India's largest integrated power companies and together with its subsidiaries and jointly controlled entities, has an installed/managed capacity of 13,749 MW. The company has a presence across the entire power value chain - generation via renewables as well as conventional power including hydro and thermal energy; transmission & distribution, coal & freight, logistics, and trading.
The company's net profit jumped 90% to Rs 884 crore on 43% increase in net sales to Rs 14,495.48 crore in Q1 FY23 over Q1 FY22.
Shares of Tata Power Company were up 0.37% to Rs 241.90 on the BSE.
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